Thursday, December 13th, 2018

Create A Passive Income – Virtually

By Tracey Ehman on Aug 16 2010 • Filed under Money

Working “virtually” brings with it the dream of working on your own terms, your own hours and being your own boss, having the flexibility to be there for your children, or just being able to plan your business around your life. Ultimately though, what tends to happen is that by working from your home office, you actually end up working more hours than if you wereat a regular eight-hour-a-day, five-days-per-week office job.

Looking back, I seemed to get more done when I was working everyday at a JOB, but when you are at home, it is hard to ignore all that needs to be done. The result, in a lot of cases, is less income than you had imagined.

No matter how you look at it, there are still only 24 hours in the day, and when you are also a parent, much of the daytime hours can be sucked up with miscellaneous tasks that many times leave you with a small package of time to work within. As your children get older, there is definitely more time during the day while they are at school, but that’s when you are also trying to get all of those other things done too.

Enter “passive income.” By finding a way to create multiple streams of income – creating a business plan that includes bringing in income over and above the income based on hours in the day – you can create a life you love.

Take a look at what you are currently doing with your business. An easy place to start is to determine what services you are using to assist your clients.

Have you taken a look at their affiliate programs?

Recommending a service, package, etc. that you currently use is a great way to increase your passive income, as many of these services offer a referral fee. For instance, more and more of my clients want to have a blog, so when I am creating the blog for them, there are a couple of services that I need to set up first.

While “WordPress” (one of many blogging software packages available) is considered a free service, it is best to have it hosted on your own hosting package, and when I have my clients sign up for hosting, I usually direct them to a couple of options, one of which has a referral fee of $60. Additionally, if we can’t find a free WordPress theme that meets our needs, then I might suggest the purchase of a premium theme. On average, as an affiliate, I can earn 20 – 25% commission on the sale of one of these themes while providing my clients with the services they need.

Another way to increase your income is to write an e-book.

Think back on the things that you have learned as you built your business.

Would sharing that information with others who are just beginning be beneficial to them, help them with their own learning curve, and save them time? If so, then you can look at selling the e-book to assist other. Remember, time is money and if you are saving others’ time, they are willing to invest in your insight.

A few of my clients have also done some tele-classes as part of a course they are offering, and recorded them. From there, they packaged up the recordings and sold them as another stream of income.

With both the e-book and tele-class recordings, ultimately the promotion of the products is important. You can do this by offering an excerpt of the book, or a part of the recording within your newsletter, or on your website or blog. You can suggest that reading your book or purchasing the recordings would provide a great benefit to your clients, to further what you are currently doing for them. Your products can be added to an e-commerce page on your site, or an account can be created via Amazon.com or using an affiliate service like “Click Bank” to harness the power of having affiliates promote your product for you, for a commission.

There are a number of ways to create a passive income, and much will be dependent upon the services you provide, but always be on the lookout for opportunities: they are everywhere.


Action plan:

1. Brainstorm ways you can create passive income. During the brainstorming session, write down every idea, no matter how far-fetched.

2. Review your ideas. Which ones can you do now? Which ones do you feel comfortable with? Make a list of three to five items that are realistic and achievable for you.

3. Make a timeline with deadlines to put these ideas into action. If you need to do research, include this in your timeline.

BONUS TASK: Ask around to find out what your friends and colleagues are doing to create passive income.


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